Finance
What is 'escrow impound account' on a Delaware mortgage loan?
AThe account where the buyer deposits the purchase price before closing
BAn account held by the lender collecting monthly amounts for property taxes and insurance, paid by the lender when due✓ Correct
CAn account created at closing to hold seller proceeds
DAn account required by law for all real estate commissions
Explanation
An escrow impound account is maintained by the mortgage servicer. The borrower pays 1/12 of the annual property tax and insurance premiums monthly, and the servicer pays these bills when they come due.
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